JV sells first project to buy second
Centennial and MaxCap Group are using part of the sale proceeds of an east Brisbane business park – their first proposal – for an industrial site south of town to deliver the second.
The joint venture is paying $21.45 million for the 3.9 hectare former Swire Cold Storage facility at 33 Queensport Road, Murarrie.
Shovel ready and permit approved for two warehouses and a cold storage facility, the owners will brand the complex Gateway Industrial Park, with tenancies between 2050 square metres to 9300 sqm.
Total lettable area will be 26,150 sqm (two c11,220 sqm warehouses and a 3705 sqm cold storage facility).
Construction has just started; Savills’ Shaw Harrison and Modus Property’s David Gibson are the leasing agents.
Centennial, MaxCap buy, sell industrial assets
Swire then GM Property are former owners of the Murarrie property; it was cleared last year.
Completion of Gateway Industrial Park is expected in 12 months.
Centennial’s David Cupit said the project is targeting the sub-5,000 sqm logistics sector with agency produced data showing rents have increased 11.1 per cent over the last four quarters.
It would also be the JV’s second development.
The other – The Link estate (artist’s impression, top) – is at 142-172 Sherbrooke Road, Willawong.
With 32,542 sqm in three buildings, pre-committed to FedEx Logistics and hotel and resort supplier, Vendella, it speculated to be in the process of being sold for over $100m.
Earlier this month, we reported Centennial bought an Adelaide CBD office for a 16pc discount on a failed deal with another buyer in 2022.
Subscribe to our newsletter at the bottom of this page.
